"I am deeply grateful to David for his leadership," said Larry Berg, senior partner at Apollo Global Management and chairman of the Board of McGraw-Hill Education.

"During his tenure, the company made great strides in its transformation from a print publisher to an organization that offers a wide array of digital learning solutions. David helped us define our vision and strategy, and now, building on this strong base, we will increase our focus on operational performance.

"I am very pleased to have Buzz Waterhouse step in as interim president and CEO. With his extensive background in education, past experience leading McGraw-Hill Education, and service on its board, Buzz has a strong understanding of our strategy and operations and will be able to very effectively lead the organization while we search for a permanent successor. Over the past few years we have made tremendous strides as evidenced by the results we’ve posted, but I believe the best is yet to come."

Mr. Waterhouse previously served as the president and CEO of McGraw-Hill Education from June 2012 until April 2014. He was responsible for the successful separation of McGraw-Hill Education from McGraw-Hill Financial, now S&P Global, setting up the new company and overseeing its subsequent sale to Apollo Global Management. He also led the company through its first year of independence, in which many significant operational and financial milestones were achieved.

Mr. Waterhouse was also the CEO of Harcourt Education, a provider of instructional materials, eLearning, and testing services for the global education market. Previously, Mr. Waterhouse was CEO and chairman of The Reynolds & Reynolds Company, the leading provider of automotive retailing solutions. Before Reynolds, Mr. Waterhouse held numerous roles at IBM. He led their strategy and business development functions during Lou Gerstner’s tenure and subsequent turn-around, launched IBM Global Services, and was president of Asia Pacific Services Corporation.

Mr. Waterhouse serves on the boards of McGraw-Hill Education, JDA, Sparta, Instructure, and Penn State’s Smeal College of Business.